InterContinental Hotels Group completes acquisition of Regent Hotels and Resorts for $39mn
InterContinental Hotel Group (IHG) has completed its acquisition of a 51% stake in Regent Hotels and Resorts for $39mn.
The sum will be paid in three tranches of $13mn: $13mn was paid on completion, with the second amount due in 2021, and the third in 2024.
The British multinational will have the opportunity to acquire the remaining 49% interest in a phased manner from 2026.
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Under the deal, IHG will add Regent to its brand portfolio at the top end of the luxury segment.
It plans to accelerate the growth of the Regent brand globally, expanding the brand from six hotels today to over 40 hotels in key global gateway city and resort locations over the long term.
The purchase is in line with IHG’s strategy to expand its footprint in the fast-growing luxury segment.
Speaking of the acquisition in March, Keith Barr, CEO of IHG, said: “As one of the pioneers in defining luxury hotels both in Asia and around the world, Regent is an excellent addition to IHG’s portfolio of brands.
“We see a real opportunity to unlock Regent’s enormous potential and accelerate its growth globally.
“In addition, by creating a dedicated luxury division, we will be bringing together some of the most experienced and respected people in the industry who will help drive our luxury offer, ensuring that our existing luxury brands continue to evolve, and allowing us to bring in new brands such as Regent to enhance our brand portfolio.”
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